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An LHC calculator lets you know whether or not you need to pay Lifetime Health Cover (LHC) loading for your private health insurance.

What is LHC loading?

LHC only applies to those who didn’t have a private health insurance policy after July 1st following their 31st birthday. For every year following that date, you’ll pay 2% more on your health insurance premiums if you choose to take out cover. At the age of 40, for example, you’ll pay 20% more on your premiums.

This loading acts as an incentive for older Australians to take out private health insurance. This, in turn, takes pressure off our public health system.

By using the LHC calculator above, you can find out the loading percentage you’ll owe each month. Keep in mind that if you pay LHC for 10 continuous years, it’ll be removed.

Are there any exceptions?

You do not need to pay the loading in certain circumstances, but they only apply to a small number of Australians.

For example, if you’re overseas at the time of the LHC deadline, you have one year to take out hospital cover when you finally return home. After your one year grace period ends, you’ll have to pay LHC if you decide to get covered.

Additionally, the following groups of people will not need to pay:

  • New migrants;
  • Veterans who hold a Department of Veterans Affairs Gold Card;
  • Current members of our Defence Forces; and
  • Anyone born before 1934.

What should I do if I need to pay the loading?

Our advice? Throw loyalty to your health insurer ‘out the window’ and shop around for great-value policies for your situation. Seeking out lower costs is one of the most proactive things you can do to offset the LHC.

We compare many of Australia’s insurers here on our site, so it’s easy for you to get a view of what’s available.

And if you don’t have cover, get some before another year passes and it gets more expensive.

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